FM asks cost accountants to help in fiscal management

NEW DELHI: Finance Minister Pranab Mukherjee today asked the newly appointed officers of Indian Cost Accounts Service (ICoAS) to help government in its fiscal consolidation process by effective cost management.

"During the last decade, large amount of public expenditure has been incurred on infrastructure, social schemes and subsidies.

Therefore, the efficacy of implementation of the schemes and effective utilisation of the outlay with increase in productivity and quality assumes greater importance," Mukherjee said, while addressing a new batch of 14 officers who have joined the Service.

"I am sure that newly joined officers as Cost Accountants can help in achieving the objectives of the schemes in most cost efficient manner," he added.

After dolling out stimulus worth Rs 1.86 lakh crore in aftermath of the 2008 global meltdown, the government has embarked upon a fiscal consolidation process. It aims to bring down the fiscal deficit to 4.6 per cent of GDP this fiscal from 4.7 in 2010-11.

ICoAS has helped in achieving optimum utilisation of scarce resources and rendered "valuable advice" to government departments for taking appropriate pricing decisions.

"Keeping in view their role, more and more departments of government are utilising your service," Mukherjee said.

He emphasised the need for close monitoring of major infrastructure projects by way of efficient project management and utilisation the services of officers in large procurements.

ICoAS was constituted in 1978, is the only accounting service having professional cost or chartered accountants.